• Nasdaq Listing Standards: Nasdaq Proposes to Require Listed Companies to Establish and Maintain an Internal Audit Function
  • March 14, 2013
  • Law Firm: Sullivan Cromwell LLP - New York Office
  • The proposed rule would permit a listed company to outsource this function to a third-party service provider other than its independent auditor. However, the release states that the audit committee must have sole responsibility to oversee the internal audit function and would not be permitted to allocate or delegate this responsibility to another board committee. The proposed rule would also require the audit committee to: